News Releases

October 24, 2012

Drill Program Has Been Extended Into a Second Phase

Redstar Gold Corp. (TSX.V: RGC) is pleased to announce results from the first phase of core drilling at its Root Spring project. Eighteen widely-spaced shallow holes were completed for 1,232m, with the longest hole at 136m. The program targeted the down-dip projection of a gently-dipping silver-gold vein system. Root Spring is located in northwestern Nevada 25km east of the world-class Rochester silver mine operated by Coeur d'Alene Mining Corporation, and the Spring Valley gold deposit being explored by Midway Gold Corp. and Barrick Gold Corp.

Significant Results: (See Table 1 for complete results)

Hole 7 ends in 0.33m grading 120 g/t Ag and 0.022 g/t Au

Hole 12 intersected 12.12m grading 14.02 g/t Ag and 0.157 g/tAu

including 2m grading 38.2 g/t Ag and 0.250 g/t Au

Hole 13 intersected 10.7m grading 17.23 g/t Ag and 0.140 g/t Au

including 3.1m grading 46.9 g/t Ag and 0.241 g/t Au

Hole 2 intersected 9.4m grading 16.47 g/t Ag and 0.527 g/t Au

Hole 11 intersected 2.0m grading 89.4 g/t Ag and 0.250 g/t Au

R. Bob Singh President & CEO of Redstar states "We are very pleased with results to date on Root Spring. At these shallow levels of drilling, the silver and gold values are very encouraging. Redstar believes there is an extensive silver-gold system at Root Spring. The drilling covered a wide area but only at very shallow levels, and we look forward to the continued drilling being planned by Brocade Metals Corp."

Discussion of Results and Exploration Plans

The drilling program was designed to test the down-dip projection of exposed mineralized veins (Brocade Metals Corp. reported surface sample values of 1,420 g/t Ag and 7.91 g/t gold over 1.15 metres on March 21, 2012). The 18 holes ranging from 37m to 136m in length are scattered along a strike length of about 1km and successfully intersected shallow vein-hosted and disseminated silver-gold mineralization of potentially mineable grade (Table 1). A significant finding of the intial drilling is that the host-rock sequence, containing disseminated tourmaline, has been determined to be the same as that at Rochester - Spring Valley. Coeur d'Alene Mines Corporation reports average silver grades at its Rochester mine of 20 g/t Ag. Since the deepest level tested in the 18 holes was only about 110m below surface and Hole 7 bottoms in high-grade Ag mineralization, additional drilling is planned to test deeper and to continue step outs along strike and in other areas concealed by alluvial cover.

Table 1. Drillhole Assays*

Hole

From (m)

To (m)

Interval (m)

Silver (g/t)

Gold (g/t)

RS12-01

6.01

8.67

2.66

8.66

0.16

11.38

21.82

10.44

7.04

0.21

RS12-02

11.94

21.34

9.40

16.47

0.53

including

15.50

17.20

1.70

4.91

1.15

and including

18.31

20.17

1.86

53.13

0.94

RS12-03

15.18

17.37

2.19

17.58

0.13

RS12-04

14.89

15.89

1.00

5.10

0.03

RS12-05

0.57

9.92

9.35

1.13

0.082*

RS12-06

20.20

21.64

1.44

0.96

0.12

36.64

38.64

2.00

5.15

0.05

RS12-07

25.16

33.93

8.77

1.69

0.13

36.93

48.93

12.00

0.62

0.09

108.51

110.51

2.00

5.30

0.00

135.61

135.94

0.33

120.00

0.02

RS12-08

anomalous gold to 70 ppb

RS12-09

86.31

87.81

1.50

1.10

0.22

RS12-10

28.91

29.91

1.00

5.35

0.01

30.85

31.37

0.52

2.30

0.25

40.37

41.87

1.50

6.10

0.02

RS12-11

13.11

14.71

1.60

7.40

0.03

18.29

20.27

1.98

89.40

0.25

40.26

49.47

9.21

0.80

0.062*

RS12-12

14.39

26.51

12.12

14.02

0.16

including

14.39

16.39

2.00

38.20

0.25

and including

19.35

23.01

3.66

14.46

0.16

53.50

59.74

6.24

0.63

0.068*

RS12-13

2.08

12.78

10.70

17.23

0.14

including

2.08

5.18

3.10

46.90

0.24

35.52

37.02

1.50

9.50

0.04

RS12-14

6.74

11.28

4.57

5.40

0.01

RS12-15

7.92

10.97

3.05

5.90

0.01

RS12-16

9.14

10.97

1.83

10.90

0.07

34.59

35.59

1.00

9.90

0.01

40.87

41.47

0.60

4.90

1.48

RS12-17

35.61

37.61

2.00

13.00

0.05

44.61

45.72

1.11

5.00

0.02

RS12-18

28.58

30.57

1.99

1.75

0.13

33.53

34.53

1.00

23.10

0.02

58.20

60.38

2.18

13.76

0.01

81.53

83.21

1.68

12.70

0.00

87.02

87.48

0.46

25.70

0.00

*Cutoff grades: nominally 0.1 g/t Au and/or 5.0 g/t Ag; * indicates 0.05 g/t gold cutoff. Drilled interval lengths may not equate to true width. Holes were designed to cross mineralization at a high angle (>45 degrees) such that drilled lengths may approximate true width, but further 3D geologic modelling is needed before accurate true widths can be determined.

Exploration is being conducted by Brocade Metals Corp., a private junior exploration company, which can earn a 70% interest in the Root Spring property. Dr. Jacob Margolis, U.S. Exploration Manager for Redstar, is the qualified person as defined by National Instrument 43-101 and has reviewed the technical content of this news release. Core samples from the program were cut in half using a diamond cutting saw and were sent to ALS Laboratory Group in Reno, Nevada, an accredited mineral analysis laboratory. Core was cut, logged and photographed at the project site and sample security was maintained. All samples were analyzed for gold and silver using standard Fire Assay-AA techniques. Certified gold-silver reference standards, blanks and field duplicates were routinely inserted into the sample stream as part of Redstar's and Brocade's quality control/quality assurance program.

About Redstar

Redstar has eleven gold projects in Nevada, the Unga project in Alaska and the Newman Todd project in the Red Lake District, Ontario. In Nevada, several projects are undergoing active exploration by partners including Newmont Mining. The Unga project in Alaska includes the high-grade Shumagin gold deposit, the Centennial disseminated bulk-tonnage gold deposit and the Apollo-Sitka high-grade gold vein system, which produced approximately 150,000 oz. of gold in the early 20th century. The Newman Todd project contains a 2 km-long corridor of high-grade gold mineralization that is similar to that at the nearby world-class Red Lake Mine and has been the focus of an aggressive drilling campaign in 2012.

CORPORATE INQUIRIES

Forward-Looking Information This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Redstar Gold Corporation (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

TSX-V: RGC

OTC: RGCTF

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